6th Circ. Nixes Miller Energy Investor Suit Over Oil Assets

Law360, Los Angeles (September 19, 2013, 6:08 PM EDT) -- The Sixth Circuit on Thursday tossed a derivative suit accusing Miller Energy Resources Inc. of overvaluing assets it bought for $2.25 million during a rival company's Chapter 11 proceeding, ruling the shareholder failed to demand that the Tennessee oil and natural gas company's board take corrective action.

The Sixth Circuit said Patrick P. Lukas failed to first make the written demand required under state law asking Miller’s nine directors to pursue the suit on behalf of the company or take other suitable corrective action, upholding a...
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